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Artificial intelligence
TechPolicy

Baidu founder Robin Li bets internet search giant’s future on developing China’s answer to ChatGPT

  • Baidu founder Robin Li says firm is on top of new ‘chat’ trend in artificial intelligence
  • The company also announced plans for a new share repurchase programme of up to US$5 billion

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Baidu plans to roll out its own ChatGPT-like service this March. Photo: Shutterstock
Che Panin Beijing
Baidu co-founder and chief executive Robin Li Yanhong is betting the company’s future growth on developing an alternative to ChatGPT, the viral chatbot service of US start-up OpenAI, as many of the Chinese internet search giant’s new businesses continue to struggle.
Li, 54, wrote in an internal letter to employees on Wednesday that Baidu was “on top” of this new trend “as the best representative of the long-term growth of China’s artificial intelligence (AI) market”.

Meanwhile, Baidu reported a 1 per cent decline in 2022 revenue to 123.6 billion yuan (US$17.9 bilion) while net profit rose 10 per cent (on a non-GAAP basis) to 20.7 billion yuan. In the fourth quarter, Baidu generated 33.1 billion yuan in revenue, flat against the same period a year earlier, while fourth-quarter net profit grew 32 per cent year on year to 5.37 billion yuan

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Baidu on Wednesday also announced a new share repurchase program of up to U$5 billion.

Robin Li Yanhong, co-founder and chief executive of Baidu, said in January that many of the company’s new businesses are still losing money. Photo: AP
Robin Li Yanhong, co-founder and chief executive of Baidu, said in January that many of the company’s new businesses are still losing money. Photo: AP

“2022 was a challenging year, but we used this period to prepare the company for better times,” Li said. “In 2023, we believe we have a clear path to reaccelerate our revenue growth, and we are now well positioned to make use of the opportunities that China’s economic recovery offers us.”

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